CubeSmart (NYSE:CUBE) Lowered to Hold Rating by Jefferies Financial Group

CubeSmart (NYSE:CUBE) was downgraded by stock analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Marketbeat.com reports. They presently have a $46.00 price target on the real estate investment trust’s stock, down from their prior price target of $57.00. Jefferies Financial Group’s price target points to a potential upside of 7.35% from the stock’s previous close.

CUBE has been the topic of a number of other reports. Evercore ISI lifted their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Scotiabank dropped their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Barclays decreased their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Royal Bank of Canada dropped their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Finally, UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and increased their price target for the company from $53.00 to $54.00 in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $49.91.

CubeSmart Price Performance

Shares of CUBE opened at $42.85 on Thursday. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a fifty day moving average price of $46.95 and a 200 day moving average price of $48.45. The company has a market cap of $9.69 billion, a P/E ratio of 24.21, a PEG ratio of 13.00 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). The firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.68 EPS. On average, research analysts forecast that CubeSmart will post 2.63 earnings per share for the current year.

Hedge Funds Weigh In On CubeSmart

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after buying an additional 624,661 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of CubeSmart by 1.1% during the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after acquiring an additional 50,340 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after purchasing an additional 169,600 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock valued at $163,260,000 after purchasing an additional 135,211 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in CubeSmart by 12.5% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.